Today, I was browsing my email when I came across an interesting article from a real estate consultancy called “Reventure”.
But the straw that is really going to “break the camel’s back” in both these states is the Recession worsening in 2023. In California, expect many more tech layoffs and bankruptcies, crushing local housing demand. In Florida, expect a huge slowdown in tourism and leisure spending, causing Airbnb / STR owners to sell…
I wonder if the straw that is going to help break the inventory competition in Pagosa Springs — STR demand vs. traditional Single-Family (SF) Residential Use — will be out-of-town owners who will see, in 2023 (just like in Florida) a slowdown in tourism and leisure spending throughout the State of Colorado?
If, as in many other sunshine active states, the State of Colorado does experience a general slowdown in discretionary spending… the dollar amount a typical family’s household budget can afford, and in particular, the amount a typical family is willing to spend in 2023 on leisure activity that might also involve travel and tourism spending, on short-term lodging for example… I wonder if we might see a reduction in tourism and leisure spending in Archuleta County and Town compared to what we’ve seen the last few years.
And a reduction in the crushing housing demand in town?
Hank Lydick
Austin, Texas (now)
Pagosa Springs, CO (soon)